Scottish commercial property attractive to global buyers, HBJ claims

Scottish property assets are among the favourites for global property investor buyers looking for a less expensive alternative to London, according to law firm HBJ Gateley.

Paul Ockrim, a partner in the firm's real estate team, said foreign investors viewed the relative stability and prosperity of the UK as a reliable place to invest.

Over the last decade Glasgow and Edinburgh have ranked third and fourth highest in the UK outside of London in attracting commercial property investment, with £5.27bn and £4.88bn invested there respectively. Mr Ockrim said this level of interest made the cities attractive to investors from all over the world.

He commented: “London real estate is expensive to buy and maintain, so investors have looked elsewhere in the UK for good investment prospects. Scotland’s cities are vibrant, exciting and entrepreneurial, so I’d expect that overseas interest will continue to grow over the coming years."

Mr Ockrim cited as an example the £44m off-market purchase for an overseas investor of the Lloyds Banking Group Edinburgh headquarters in Fountainbridge.